Mastercard and Ratnakar Bank partner to launch QR Code Payments in India; aim to scale up the digital payments ecosystem




Caption for Image 1: James Anderson, Executive VP-Digital Payments and Solutions at Mastercard & Porush Singh, Division President - Mastercard, South Asia launching MasterPass QR

Caption for Image 2: Fast, simple and secure way of paying - Masterpass QR


Bangalore, November 16, 2016: Mastercard today announced the Indian launch of Masterpass QR, a safe and secure Quick Response (QR) mobile payments solution. Masterpass QR enables mobile banking users to safely pay for face-to-face purchases using their smartphone or feature phone. 


James Anderson, Executive VP-Digital Payments and Solutions at Mastercard & Porush Singh, Division President - Mastercard, South Asia launching MasterPass QR

Fast, simple and secure way of paying - Masterpass QR


Shoppers can make fast, simple and secure digital payments at any place where Masterpass QR is accepted, which means that they no longer need to carry cash or their physical bank cards to make payments. Ratnakar Bank Limited (RBL Bank) is the first bank in India to integrate the Masterpass QR service into the OnGo digital wallet, its mobile platform powered in conjunction with India Transact Services. The OnGo wallet will host a virtual prepaid Mastercard that customers can use for cashless transactions, including for paying taxi and auto rickshaw fares. 

Masterpass QR’s low cost and easy-to-deploy technology is designed to ensure that even the smallest merchants can participate, whether they are in a major city or a remote area. This offering is a reiteration of Mastercard’s commitment to support the Government’s vision of a less-cash society, while working to ensure no one gets left behind in digital adoption.

“The digital payment industry is fast transforming and continuously evolving in India. Our focus is to  innovate new, safe and secure technologies that bring the benefits of electronic payments to even more merchants, banks and consumers.” says Porush Singh, Division President - Mastercard, South Asia. He further adds, “With Masterpass QR, we are advancing the use of cashless payment methods to limit the flow of cash in the economy and take decisive steps toward realizing the dream of Digital India.” 

Ravi Goyal, CMD, AGS Transact Technologies Limited and Chairman, India Transact Services Limited said, “Ongo and Mastercard’s joint initiative further strengthens our brand’s commitment to provide end-to-end capabilities for enabling seamless payment solutions. Given the Government’s impetus to cashless economy and its digitization, our association will bolster the way consumers transact. We are extremely delighted to present such a first-of-its-kind global integration product with Mastercard.”

Sujatha Mohan, Head, Digital Initiatives, RBL Bank said, “At RBL Bank, we have always strived to be at the forefront of cutting-edge digital payment solutions for our customers. We are bullish on products that simplify the payment process and eliminate the need for cash. Frictionless payment solutions such as P2M will go a long way in making India a cashless economy.”

About Mastercard

Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry.  We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.  Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.  Follow us on Twitter @MastercardAP and @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

 

About RBL Bank

RBL Bank Ltd is one of India’s fastest growing private sector banks in the last six years with an expanding presence, with 197 branches and 362 ATMs as of March 31, 2016 spread across 16 Indian states and union territories. The Bank has been recognised by the World Economic Forum as a ‘Global Growth Company’ (GCC) for 2014 and has also been awarded “India’s Best Bank (Growth) in the Mid-Sized Bank segment” for four consecutive years, 2012, 2013, 2014 and 2015 and  “Best Bank Overall (Small)” for 2015 by Business Today and KPMG.

Established in 1943, RBL Bank started a transformational journey under a new management team in 2010. Today, the Bank offers specialised services under six business verticals namely: corporate & institutional banking, commercial banking, branch & business banking, agri business banking, development banking and financial inclusion, treasury and financial markets operations.